July Real Estate Statistics

July brought a noticeable summer slowdown to Ottawa’s real estate market, with prices easing and inventory continuing to build. The average residential sale price came in at $683,308, down 1.6% from last year, while active listings increased 9.3% and months of inventory rose to 3.5 months.
 
The story continues to vary considerably depending on what you’re buying or selling. Single family homes remain the strongest segment, with 3.2 months of inventory, while townhomes saw a significant 21.4% increase in active listings compared with last year. Condos continue to face the most challenging conditions, with 5.4 months of inventory and an average 41 days on market, giving buyers considerably more choice and negotiating power.
 
Overall, Ottawa remains relatively balanced, but this is increasingly a market where property type, neighbourhood, condition and pricing strategy matter more than the headline numbers. Well positioned homes are still selling, and in some cases in multiple offers, while properties that miss the mark on price or presentation are taking longer to find their buyer.
 
Source: Canadian MLS® Systems, CREA